The Internal Revenue Service (IRS) has recently highlighted new concerns through its annual Dirty Dozen campaign, a cautionary list aimed at educating the public on common tax scams and schemes. This year, a specific focus has been placed on complex tax strategies that target wealthy individuals, signaling the…
After filing taxes, many individuals find themselves gripped by anxiety about possible errors or omissions on their returns. Misreported income, inappropriate deductions, or entirely unfiled past returns can trigger fears of impending audits or penalties from the Internal Revenue Service (IRS). Understanding the statute of limitations on tax…
Thanks to our amazing employees at LMC, we’ve successfully moved past another tax deadline. LMC leadership is extremely proud of our remarkable team for their commitment to the firm and to our clients. To acknowledge their tremendous efforts, LMC hosted the following Employee Appreciation Events in April 2024….
Written by David J. Neuman, JD Tax & Legal Manager Starting January 1, 2025, many small businesses will be required to disclose details about their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA) passed in 2021. This regulation…
May 1, 2024 (New York City) — LMC Advisors today announced a partnership with Vogel & Co., an independent business management and tax advisory firm with offices in Darien, CT, and West Palm Beach, FL, specializing in family office services for high-net-worth clients. This strategic partnership will provide…
LMC is proud to share for a consecutive year, the firm has been recognized as one of the 2024 Best Companies to Work for in New York, by the New York State Council of the Society for Human Resource Management, together with Best Companies Group, BridgeTower Media and Rochester…
LMC is proud to announce that Lee M. Cohen, the firm’s CEO was recently listed on Forbes’ list of America’s Top 200 CPAs. Lee is a true visionary leader – he empowers the LMC team and clients to dream big and is instrumental in LMC’s growth, including…
Featuring Nessim Azizo LMC Family Office Co-Lead The Bottom Line was excited to interview Nessim Azizo, LMC Family Office Co-Lead. The Family Office division supports our high net worth clients by providing tailored financial guidance and transparency to families, empowering them to preserve and grow their wealth…
On November 22, 2023, New York State took a significant step towards safeguarding the rights of freelance workers by enacting the “Freelance Isn’t Free” Act. This legislation, set to take effect on May 20th, 2024, aims to provide vital protections for freelancers and independent contractors across the state….
The Tax Cuts and Jobs Act (TCJA) of 2017 introduced a significant change in the tax landscape for business owners by establishing the Qualified Business Income (QBI) deduction. It’s important to note that this deduction is temporary, set to expire at the end of 2025 unless Congress takes…
